AkzoNobel Completes Sale of Pakistan Business to Packages Group
AkzoNobel has completed the sale of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of Pakistan-based Packages Group.
The transaction is based on a total enterprise value of approximately €50 million, or PKR 16.2 billion, representing an enterprise value-to-EBITDA multiple of 14x.
The divested business includes AkzoNobel’s Decorative Paints and liquid Coatings operations in Pakistan.
“Today’s closing is another important milestone in the execution of our ongoing strategic portfolio review,” said Greg Poux-Guillaume, CEO of AkzoNobel.
AkzoNobel originally announced the agreement in April. The company classified the Pakistan operation as held for sale earlier this year and expected the transaction to close during the second half of 2026, subject to regulatory approvals and customary conditions.
Pakistan’s Competition Commission subsequently cleared the proposed acquisition in a Phase I review. PCI reported that regulatory milestone in August, noting that the regulator found no horizontal overlap or vertical relationship between the parties in the relevant decorative and industrial coatings markets.
Packages Group CEO and Managing Director Syed Hyder Ali said the company’s immediate focus will be continuity for employees, customers, distributors and partners.
AkzoNobel said the divestment is part of its ongoing portfolio refocus, currently centered on its Decorative Paints positions in Southeast Asia. The company previously completed the sale of Akzo Nobel India Limited in December 2025.
The closing changes ownership of an established architectural coatings and liquid coatings business and marks another completed step in AkzoNobel’s continuing portfolio review.
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